So, you have a new low-interest rate credit card with a big enough credit limit to cover the outstanding balances on your other credit cards and you decide, quite rightly, to transfer your balances to the new card. How exactly do you go about doing this? Here’s how to balance transfer between credit cards.
How To Balance Transfer Between Credit Cards
Step 1 – Phone The Issuer of Your New Low APR Credit Card
The customer service number you need will be prominently displayed on the paperwork you received with your credit card. Once you get through, tell the person on the other end that you want to do a credit card balance transfer to your new card. They will be more than happy to help and in fact they will do all the necessary paperwork for you.
Step 2 – Give The Customer Service Agent The Details of the Balances You Want to Transfer
Obviously, you will need to gather this information before phoning but at the very least they will need:
The names and numbers of the credit cards you are transferring balances from, and the exact outstanding balance for each individual credit card.
Some 0% balance transfer credit cards will put a limit on the amount you can transfer onto them from other cards. This is so that you still have a portion of your credit limit left to spend on new purchases – and yes they do charge interest on new purchases.
Step 3 – Sit Back and Let Your Credit Card Issuer Do All The Hard Work
Most credit card balance transfers take around 10-14 days to complete and once they are complete you’ll receive confirmation through the post – and that’s it, all done.
It is worth pointing out that the vast majority of card issuers charge an administration fee for this process, and that the fee is added to your account balance. Some issuers charge a fixed fee while others charge a percentage of the balance transfer amount. Either way, this fee will affect the maximum amount you can transfer to your new credit card.
Take a look at how to save money while living paycheck to paycheck to help with your debt reduction.